Sheridan redevelops prime Dublin site
THE Sheridan Group, the Belfast based property development and investment company, has announced a E10m acquisition of retail units in Dublin's Parnell Street from the Parnell Partnership.
The retail mall, which is now completely owned by Sheridan, is an integral part of the Parnell Centre, which also comprises a 17-screen cinema operated by Cineworld, a multi-storey car park and apartments.
The centre on Dublin's north side was built by Sheridan more than 10 years ago. The property development company has now bought back retail units which it had previously sold in a project which will see the centre transformed and boast new bars, restaurants and niche shops.
Commenting on the investment Peter Curistan, Chairman of the Sheridan Group, which created Belfast's 100m Odyssey complex, said: "We are updating an existing building which I developed 13 years ago. We have bought out all the tenants and retail units and we are now going to redevelop it significantly.
"While the current property development climate is very challenging, we continue to seek out strategic investments which present long-term opportunities for the company.
"We have had a longstanding presence in Parnell Street for over 10 years and we now see these acquisitions as key to giving us control of a significant part of an overall development in an area of Dublin which has shown remarkable growth in recent years.
"Despite the recession, Parnell Street has emerged as one of the busiest shopping and commercial areas in Dublin and the multiplex which our units complement is the busiest on these islands.
"We played an important part in redeveloping Parnell Street when it was a comparative backwater in Dublin.
"With our existing knowledge of the area and the existence of a number of other high profile schemes planned to further develop this part of Dublin, north of the Liffey, we are confident that there will be continued growth in the area as a whole.
"This acquisition will leave us well placed to benefit from this expected growth in the medium to long-term.''
Mr Curistan said the Sheridan Group believed in the adage that when the economy is in the doldrums the opportunities for investment are greatest.
"This investment is an instance of acting on that, and represents an important enhancement of our existing presence in Dublin. We also expect this approach to lead to further acquisitions in the future," he added.
Mr Curistan founded the Sheridan Group in 1989. Its first first major development was a nine-screen cinema on the Dublin Road in Belfast.
The Sheridan Group then focused on four derelict acres on Dublin's Parnell Street which was transformed into the Parnell Centre, incorporating apartments, restaurants and a multiplex cinema.
The Group was the largest private investor in the 100m Odyssey Centre in Belfast which has become Northern Ireland's leading entertainment venue with restaurants, bars, cinemas, and a 10,000-seat ice-hockey arena.
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Thursday 24 May 2012
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